Investment management firm Cohen & Steers initiated a sweeping strategic repositioning of its real estate investment trust (REIT) portfolio during the second quarter. The moves included establishing six entirely new holdings while simultaneously making significant adjustments to dozens of existing positions, signaling a substantial shift in investment strategy.
Strategic Exits Signal Sector Rotation
A defining feature of the quarter was the aggressive reduction of 23 REIT positions. The most dramatic exit was from Douglas Emmett, where Cohen & Steers slashed its holding from over 4 million shares to a mere 192. An equally striking reduction occurred with Camden Property Trust; the position was cut from 902,689 shares to just 229.
Other major divestments included substantial sell-offs in:
* Healthpeak Properties
* AvalonBay Communities
* Ventas
* Omega Healthcare Investors
* CubeSmart
* VICI Properties
* Lamar Advertising
* NETSTREIT
These decisive cuts indicate a clear strategic pivot away from specific real estate sectors.
New Investments Reveal Targeted Conviction
In a clear display of targeted conviction, Cohen & Steers established six new positions. The most notable new commitment was an investment in CareTrust REIT, acquiring 8.48 million shares—a strong endorsement of the healthcare property sector.
Additional new entries into the portfolio were:
* Hudson Pacific Properties: 63.8 million shares
* Piedmont Realty Trust: 4.3 million shares
* SITE Centers: 974,790 shares
* National Storage Affiliates Trust: 286,150 shares
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These carefully selected new stakes highlight a focus on specific niches within the broader real estate market.
Aggressive Buys Show Bullish Outlook on Select Holdings
Beyond new acquisitions, Cohen & Steers dramatically increased its stake in 26 existing REITs. The most unprecedented increase was in Mid-America Apartment Communities, where the position ballooned from a minimal 156 shares to 881,684 shares.
Other significant additions to existing holdings included:
* Regency Centers: Increased from 343 to 13,434 shares
* Kite Realty Group: Grew from 7.2 million to 20.8 million shares
* SBA Communications, Paramount Group, BXP, and Kilroy Realty
* Ryman Hospitality Properties and Host Hotels & Resorts
These aggressive purchases reflect an exceptionally optimistic outlook on these particular REIT segments.
Evidence of Continuous Market Engagement
The firm’s active management approach extends beyond these portfolio adjustments. Cohen & Steers recently filed a Form 8.3 disclosure regarding Tritax Big Box REIT plc, providing further evidence of its intensive trading activity within the REIT sector.
Collectively, these moves paint a picture of an investment manager in a period of significant strategic change. Cohen & Steers is repositioning its portfolio through precise sector selection rather than maintaining a broadly diversified approach.
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